Medical Devices Market Growth Outlook, Regional Insights, Applications, Business Opportunities and Dynamics by 2027
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Medical Devices Market Overview
The global medical devices market will acquire USD 63423.6 million at a CAGR of 23.20% by 2027, says Market Research Future (MRFR). The medical devices market has registered a remarkable growth surge due to the elderly population and rising life expectancy. Furthermore, factors such as rising acceptance of IoT-based smart medical devices, expanding demand for portable medical devices, growing number of surgical & diagnostic operations, and substantial investment in research and development are projected to positively impact the market’s growth over the assessment era. However, the high cost of medical equipment may impede the market’s growth.
Medical Devices Market Segmentation
The global market for medical devices has been fragmented into various segments based on product type, end-user, therapeutic applications, and region.
Based on product type, the global market for medical devices is divided into imaging devices, surgical ENT devices, weight monitoring devices, fetal and neonatal monitoring devices, multi-parameter monitoring devices, neuromonitoring devices, monitoring devices, molecular diagnostic devices, endoscopes, diagnostic devices, temperature monitoring devices, hemodynamic monitoring devices, respiratory monitoring device, cardiac monitoring devices, medical lasers and LASIK surgical machines, treatment equipment, surgical devices, infusion pumps, drug delivery devices, bio-implants and stimulation devices, and others.
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Based on therapeutic application, the medical devices market is divided into nephrology & urology, ophthalmology, dental, orthopedics, diagnostic imaging, gastrointestinal surgery, ear-nose-throat (ENT), neurology, cardiovascular, respiratory, general surgery, and others.
The medical devices market is split into pharmaceutical companies, hospitals & clinics, research laboratory, and diagnostic centers based on end-user.
Medical Devices Market Regional Analysis
The global medical devices market is studied across five major regions: Middle East & Africa, Asia-pacific, Europe, Latin America, and North America.
The MRFR report suggests that the North American region will likely dominate the global medical devices market over the assessment timeframe. The regional market’s growth is mainly credited to the increasing incidence of chronic illnesses, diabetes, neurological disorders, and cancer, causing the need for medical equipment for diagnosis and treatment. Most popularly used medical devices include chromatograph, microscope, and spectroscope.
The medical devices market for the European region is anticipated to secure the second position in the global medical devices market over the forecasted era. The regional market’s growth is primarily credited to the presence of a significant number of medical device manufacturing units across the region. In addition, the factors such as increased government spending on medical device development, a growing economy, and the need for medical equipment to verify the quality of products are also projected to boost the market’s growth over the assessment era.
The Asia-Pacific regional medical devices market will exhibit the highest growth over the projected timeframe. The regional market’s growth is mainly attributed to the rising demand for healthcare goods across the region. In addition, the growing elderly population with health issues is another prime aspect causing an upsurge in the regional market’s growth.
The Medical devices market for the Middle East and African region is likely to register the least growth over the forecasted era. The regional market’s growth is credited to the rising number of government efforts in the healthcare sector.
Medical Devices Market Competitive Analysis
The global medical devices market has prominent players such as Angiodynamics Inc. (US), Baxter International Inc. (US), Becton Dickinson (US), Accuray Inc. (US), Abbott Laboratories (US), Siemens (Germany), Johnson & Johnson (US), Fresenius (Germany), Bio Rad Laboratories Inc. (US), Boston Scientific Corp. (US), Abiomed Inc. (US), Stryker (US), GE Healthcare (US), Medtronic (Ireland), Biotelemetry Inc. (US), and several others.
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Medical Devices Market Recent Developments
- March 2022- a medical device company that produces the PainShield® and UroShield® Surface Acoustic Wave (SAW) Portable Ultrasonic Therapeutic Devices, NanoVibronix, Inc., has announced that its UroGuard and PainGuard, offered as private label products via Ideal Medical International Limited has got approval by Health Canada / Santé Canada as licensed medical devices.
- March 2022 – STEMart, a prominent supplier of integrated medical device CRO services devoted to medical device and diagnostic clinical development, has announced the launch of the Pyrogenicity Testingservice for the medical device industry.
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